Monero Price Analysis- Is A $100 Position Still Possible?
Going into the weekend, the market saw further drops with major coins breaking key support levels. Bitcoin, for instance, fell below $4,300 and found a new support level at $4,256. Fortunately, the bulls have today- November 24, been able to bounce back.
Bitcoin has in the early hours of Saturday climbed and for a short time was trading as high as $4,400.
During the last 24 hours, Monero has also established a new support level and bounced back. After days of trading around the $68 position, yesterday’s dip saw the coin fall below $65. The bulls have since found support just above the $63 position and after a short rally pushed prices back to $68.
XMR/USD Price Chart, November 24th:
At the time of press, Monero is recording marginal gains of less than 1%. Although this isn’t much, it beats the majority of coins that are in the red zone. The good news for most of these coins is that the percentage price drop is slowing down. Bitcoin at the time of press has slowed to about a 0.54% drop, XRP 2.53%, and Ethereum 1.27%. The market is however still being pulled down by more bearish coins and remains just under $140 billion.
Monero- just before the market dip that set in mid-month, was trading above $100, a position it had been able to maintain since September 12. However, even at the time, it only dipped to $98 and quickly bounced back above $100.
If the market can keep its head in the coming days, we should continue seeing the market slow down and the bulls consolidate. Besides having some calm- which essentially reduces the sell-off panic, the market is crying out for some good news. This will see more investors take positions in the market creating demand and pushing prices high.
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